On Sunday, the crypto market experienced significant increases, with assets in the top ten by market size gaining more than 5%. Bitcoin unexpectedly surpassed $47k for the first time in three months.
The markets experienced a lot of positive momentum on Sunday, with the top ten crypto assets by market value gaining more than 5%. The market appeared to be resuming up where it left off last week.
Bitcoin finally broke through the $44,500 price barrier, and it didn’t stop there; it also retook the $47k price level. The move indicated that Bitcoin had recovered all of its losses in 2022 and had broken through a three-month price barrier. Bitcoin is presently trading close beyond the $47k mark.
It is currently at $47,067, up 5% in the last 24 hours and 14.3% in the previous seven days. Ethereum, on the other hand, increased by more than 5% as it continues to outpace BTC slightly. Pundits attribute this to the network being on the verge of the “Merge” phase, in which it will transition from Proof-of-Work to Proof-of-Stake.
The asset is presently trading at roughly $3,331.42, up 5.23 percent in the past 24 hours and 15% in the previous seven days. As previously noted, BTC and ETH are not the sole winners. Bullish momentum has also been seen in Solana, Avalanche, and Polkadot.
Cardano has also been performing well in recent weeks, rising 5.08 percent in the previous 24 hours and 32.99 percent in the last seven days. It is also worth noting that Polkadot (DOT), which is ranked 11th by market value, has put up an impressive performance, rising 9.93 percent in the previous 24 hours and 20.78 percent in the last seven days.
The crypto market trade volume has increased by 68.06 percent in the previous 24 hours, bringing the overall crypto market capitalization to $2.12 trillion. So far, 2022 has not gone as many analysts expected or forecasted. Over the most part, the crypto markets have been under pressure for the previous three months.
Factors such as Fed policies and unknown crypto rules have made investors wary of investing in risky assets, including cryptocurrency.
However, the European crisis appears to have increased demand for digital assets, which have so far played a big role in aiding Ukraine’s military effort through contributions. Add to it the fact that Russia intends to accept Bitcoin as payment for its products.
02 Feb 2023
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